Here are some questions that I need help with can you please answer them and explain.

1.) What is the primary objective of most businesses? a. To maximize profits b. To pay dividends to stockholders c. To provide a benefit to society d. To manufacture a quality product 2.) More that 70% of businesses are organized as what type of business? a. Not-for-profit b. Corporation c. Partnership d. Sole proprietorship 3.) An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a a. proprietorship. b. corporation. c. partnership. d. governmental unit. 4.) Which of the following businesses use a premium-price emphasis? a. Value City Furniture b. Abercrombie & Fitch c. Wal-Mart Supercenters d. Southwest Airlines 5.) Governments have an interest in the economic performance of business because of a. tax collections. b. community involvement from the business. c. business incentives. d. all of these. 6.) _____ is the increase in assets from selling products and services. a. Revenue b. Liabilities c. Products d. Stockholders' Equity 7.) Reporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of244688 a. tax accounting. b. union contracts. c. managerial accounting. d. financial accounting. 8.) A list of assets, liabilities, and owners' equity as of a specific date is a(n) a. income statement.. b. balance sheet. c. statement of cash flows. d. retained earnings statement. 9.) The debt created by a business when it makes a purchase on account is referred to as an a. account payable. b. account receivable. c. asset. d. expense payable. 10.) Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept? a. Business entity concept b. Going concern concept c. Objectivity concept d. Adequate disclosure concept 11.) Which of the following is NOT an element of the financial accounting system? a. A set of rules for determining the recording of economic events b. A framework for preparing financial statements c. A set of rules for the stock exchange d. Controls to determine whether errors occur during recording 12.) The statement of cash flows is integrated with the balance sheet because a. the cash at the beginning of the period plus or minus the cash flows from operating, investing, and financing activities equals the end of period cash reported on the balace sheet. b. the cash at the beginning of the period plus or minus the net income equals the end of period cash reported on the balance sheet. c. the cash at the beginning of the period plus or minus assets and liabilities equals the end of period cash reported on the balace sheet. d. the cash at the beginning of the period plus or minus the cash flows from operating activities equals the end of period cash rreported on the balance sheet. 13.) Johnson, Inc. purchased land for cash. What effect does this transaction have on the following accounts: a. Increase in Cash and decrease in Land b. Decrease in Cash and decrease in Land c. Increase in Cash and increase in Land d. Decrease in Cash and increase in Land 14.) BNC Company earns revenues and as a result collects cash. Which of the following financial statement elements are increased? a. Cash only b. Stockholders' equity only c. Liabilities d. Cash and stockholders' equity 15.) If Liabilities have a balance of $10,000 and Stockholders' Equity has a balance of $60,000, then Assets must have a balance of a. $50,000. b. $60,000. c. $70,000. d. $10,000. 16.) For EFG Co., the transaction "Payment of interest expense" would a. increase total assets. b. decrease total assets. c. have no effect on total assets. d. increase stockholders' equity. 17.) For EFG Co., the transaction "Payment of dividends" would a. increase total assets. b. decrease total assets. c. have no effect on total assets. d. increase stockholders' equity. 18.) For EFG Co., the transaction "Payment of quarterly taxes" would a. increase total assets. b. decrease total assets. c. have no effect on total assets. d. increase stockholders' equity. 19.) Declaring and paying cash dividends affects which accounts? a.Cash only b.Capital stock only c.Cash and retained earnings d.Cash and capital stock 20.) Paying expenses affects which financial statement elements? a.Assets only b.Stockholders' equity only c.Assets and stockholders' equity d.Assets and liabilities 21.) As time passes, fixed assets, other than land, lose their capacity to provide useful services. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called a.equipment allocation. b.depreciation. c.accumulation. d.matching. 22.) Depreciation Expense and Accumulated Depreciation are classified, respectively, as a.expense and contra asset. b.asset and contra liability. c.revenue and asset. d.contra asset and expense. 23.) If prepaid insurance expires over time, this asset account becomes a(n) a.liability. b.another asset. c.revenue. d.expense. 24.) _____ is/are created when a revenue or expense has NOT been recorded by the end of the accounting period. a.Prepaid advertising b.Premiums received in advance c.Unearned revenue d.Accruals 25.) Which of the following is an example of an intangible asset? a.Goodwill b.Patents c.Copyrights d.All of these 26.) Expenses NOT related to the primary operations of the business are sometimes reported as a.administrative expense. b.operating expense. c.other expense. d.all of these. 27.) The accrual basis of accounting recognizes a.revenues when cash is received and expenses when cash is paid. b.revenues when earned and expenses when cash is paid. c.revenues when cash is received and expenses when incurred. d.revenues when earned and expenses when incurred. 28.) Cash receipts from interest and dividends are classified as a.investing activities. b.operating activities. c.either financing or investing activities. d.financing activities. 29.) Which one of the following should be added to net income in calculating net cash flow from operating activities using the indirect method? a.A gain on the sale of land b.A decrease in accounts payable c.An increase in accrued liabilities d.Dividends paid on common stock 30.) On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be a.deducted from net income in converting the net income reported on the income statement to cash flows from operating activities. b.added to net income in converting the net income reported on the income statement to cash flows from operating activities. c.added to cash received from the sale to determine cash flows from investing activities. d.deducted from cash received from the sale to determine cash flows from investing activities. 31.) Which of the following statements is true? a.The revenue activities of a service business involve providing services to customers. b.The revenue activities of a merchandising business involve the building of a product. c.The revenue activities of a service business involve the building of a product. d.The revenue activities of a merchandising business involve providing services to customers. 32.) Gross profit is determined by subtracting the cost of merchandise sold from what? a.The cost of merchandise purchased b.Fees earned c.Accounts receivable d.Net sales 33.) The difference between sales and cost of merchandise sold for a merchandising business is a.sales. b.net sales. c.gross sales. d.gross profit. 34.) Which of the following is NOT an example of selling expenses? a.Salespersons' salaries b.Office salaries c.Depreciation of store equipment d.Advertising 35.) When the perpetual inventory system is used, the inventory sold is shown on the income statement as a.cost of merchandise sold. b.purchases. c.purchases returns and allowances. d.net purchases 36.) Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense? a.Selling expense b.Miscellaneous expense c.Administrative expense d.Other expense 37.) Under a perpetual inventory system, a.accounting records continuously disclose the amount of inventory. b.increases in inventory resulting from purchases are debited to Purchases. c.there is no need for a year-end physical count. d.the purchase returns and allowances account is credited when goods are returned to vendors. 38.) Which financial statement reconciles net income with net cash flows from operating activities? a.Balance sheet b.Statement of retained earnings c.Statement of cash flows d.Income statement 39.) Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a(n): a.decrease in Bank Credit Card Sales, increase in Credit Card Expense, and increase in Sales. b.increase in Cash and increase in Sales. c.increase in Cash, decrease in Credit Card Expense, and increase in Sales. d.decrease in Sales, increase in Credit Card Expense, and decrease in Cash 40.) If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are a.n/30. b.FOB shipping point. c.FOB destination. d.consigned. 41.) The Sarbanes-Oxley Act of 2002 requires companies and their independent accountants to a.report on the effectiveness of the company's internal controls. b.report on any fraud and theft detected in the company. c.report on the state of the economy and likelihood of fraud. d.report on the financial activities of the company, 42.) Internal controls are important because they a.prevent fraud and misleading financial statements. b.eliminate fraud. c.deter fraud and prevent theft and other abuses. d.guarantee accurate financial statements. 43.) Management's philosophy and operating style would affect which of the following elements of internal control? a.Risk assessment b.Monitoring c.The control environment d.Information and communication 44.) An element of internal control is a.risk assessment. b.journals. c.subsidiary ledgers. d.controlling accounts 45.) An element of internal control is a.fidelity insurance. b.prepaid insurance. c.monitoring. d.insurance expense. 46.) A bank reconciliation should be prepared periodically because a.the depositor's records and the bank's records are in agreement. b.the bank has not recorded all of its transactions. c.any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected. d.the bank must make sure that its records are correct. 47.) The amount of deposits in transit is included on the bank statement as a(n) a.deduction from the balance per the depositor's books. b.deduction from the balance per bank statement. c.addition to the balance per bank statement. d.addition to the balance per depositor books. 48.) Which of the following would be deducted from the balance per books on a bank reconciliation? a.Service charges b.Outstanding checks c.Deposits in transit d.Notes collected by the bank 49.) A special cash fund used to make small payments that occur frequently is called a(n) a.operating expenses fund. b.change fund. c.market fund. d.petty cash fund. 50.) Cash equivalents include a.checks. b.coins and currency. c.money market accounts and commercial paper. d.stocks and short-term bonds